Tata Metaliks eyes 20% revenue growth

Chairman of Tata Metaliks H M Nerurkar told reporters here today the company was expecting a 15 per cent to 20 per cent increase in revenue due to firming up of pig iron prices.     

Last fiscal, the company's revenue stood at Rs 1,185 crore.     

Nerurkar said the company had diversified into the manufacture of castings for automotive and engineering industries.     

 

For this, the company plans to set up a plant at its existing facility at Kharagpur in West Bengal. The details regarding investments would be finalised within five to six months. "The company is keen to enter the casting business in a big way", he said.     

In a filing to the Bombay Stock Exchange today, Tata Metaliks said the company's Board of Directors have approved the setting up of a sinter plant in Kharagpur at an estimated investment of Rs 75 crore.     

The meeting of the Board of Directors was held today.     

Nerurkar further said rise in input costs had severely increased production costs. He said iron ore and coal prices, the two principal raw materials, had increased 65 per cent and 70 per cent respectively.     

For the first quarter of 2008-09, the company posted a revenue of Rs 311 crore (Rs 208 crore) and a net profit of Rs 20.23 crore (Rs 13.36 crore).